Resource Real Estate Opportunity REIT, one of Resource Real Estate Inc.’s sponsored non-traded REITs, announced today its successful acquisition of two Georgia apartment communities.
Berkeley Run and Berkeley Trace are both located in Atlanta and were purchased for a combined total of $51.8 million.
Berkeley Run sits on 14.5 acres of land and offers 194 units with a selection of one, two, or three bedrooms. The community features a saltwater swimming pool, tennis court, fitness center, and business center, among other amenities.
Berkeley Trace is located one quarter mile from Berkeley Run and is a 5.5 acre gated community. It offers 165 one and two bedroom apartments with private balconies. Berkeley Trace also features housekeeping services, a business center, as well as a fitness center and a clubhouse.
The apartments are located close to Perimeter Mall in Atlanta’s Perimeter Center. The area is also home to Atlanta’s largest business district, which features 29 million square feet of office space.
Resource Real Estate Opportunity REIT, which closed to new investors December 13, 2013, specializes in the distressed commercial real estate market. It plans to improve the new Berkeley acquisitions through upgrading individual units as well as common areas and by hiring an experienced property management team.